Goldman Sachs CEO and chairman Lloyd Blankfein says his firm is set to comply with the Volcker rule and is winding down its hedge fund unit.

Speaking at the Bank of America conference on Tuesday, Blankfein said the firm will also begin harvesting private equity but that investment banking will remain its primary focus.

The Goldman CEO said clients would continue to demand some services prohibited under Volcker, reports CNBC, and that, while Goldman would still be permitted to co-invest with and provide liquidity to it investors, key businesses would no longer be as attractive as they once were.

The Volcker rule, named for former Federal Reserve chairman Paul Volcker, forbids banks from doing their regular business (loans, mortgages, etc.) while trading on their own behalf.

Sponsored Content

Kelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note

StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…